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Gold price today: Rs 48,559 per 10 gm; silver rises to 48,600 per kg

In New Delhi, gold price today of 22-carat gold declined Rs 150 per 10 gram to retail at Rs 47,100, while in Chennai it is Rs 180 less at Rs 46,270

gold silver prices | Precious metals | Gold Price

BS Web Team  |  New Delhi 

gold, jewellery
On MCX, August gold futures rose 1.01 per cent to Rs 48,730 per 10 gram

Gold prices today in India rose to Rs 48,559 from Rs 48,534 per 10 gram while silver also made marginal gains from Rs 48,556 to settle at Rs 48,600 per kg, according to India Bullion and Jewellers Association. Despite no spike in demand, prices of the yellow metal had touched the all-time high mark on Tuesday of Rs 48,825 before dropping over Rs 250.

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

In New Delhi, the price of 22-carat gold declined Rs 150 per 10 gram to retail at Rs 47,100, while in Chennai it is Rs 180 less at Rs 46,270. However in Mumbai, the rate of the precious metal went up Rs 50 to Rs 48,350 for 22-carat while 24 carat is bought at at Rs 48,450, according to the Good Returns website. The price of 24-carat gold prices in Chennai dropped to Rs 50,480.

On MCX, August gold futures rose 1.01 per cent to Rs 48,730 per 10 gram. Silver July futures also surged over 2% to Rs 50,300 per kilogram. MCX, which runs the country’s largest commodity derivatives segment (CDS), received SEBI nod to offer trading on gold mini (100 gm) and silver 5 kilo options.The gold mini option will be launched from August expiry onwards with expiry matching with gold mini futures. Normal expiry date is 5th of every month for mini futures. Three concurrent month contracts will be available, tick size will be 50 paise and price intervals between strikes at Rs 100. The maximum client position limit will be 10 tonnes and for broker, 100 tonnes.

In the international market, gold surged to its highest in nearly 8 years on Tuesday as mounting fears of a resurgence of new coronavirus cases kept safe-haven demand for gold alive, setting the precious metal on path for its biggest quarterly gain since March 2016.

Spot gold jumped 0.5% to $1,779.44 per ounce by 2:09 p.m. The session high was $1,785.46, its highest since October 2012. US gold futures settled up 1.1% at $1,800.5.

Tai Wong, head of base and derivatives trading at BMO, said commodity trading advisers and algorithms were encouraged as gold headed toward highs of $1,780.

"Bulls are delighted with what will almost certainly be a strong close, which provides the basis for a push to $1,800 in short order."

Gold, long considered a hedge against inflation and currency debasement, was headed for its third month of gains, driven by stimulus measures to support economies decimated by the pandemic.

"The underlying bullish fundamentals in the gold market remain and those include the Covid-19 that is still prompting safe-haven demand, the central bank stimulus that has been record setting," and could cause inflation in the future, said Kitco Metals senior analyst Jim Wyckoff.

Some US states have reversed reopenings and closed businesses to combat a spike in cases.

US Federal Reserve Chair Jerome Powell on Monday said the outlook for the world's biggest economy was "extraordinarily uncertain".

"US yields have continued to grind lower and the result of that is that real rates are printing new lows" which has boosted the precious metal, said Daniel Ghali, commodity strategist at TD Securities.

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First Published: Wed, July 01 2020. 06:46 IST